What to do with your house when you go travelling

Worried about what to do with your house when you go travelling? There’s a few options.

If you take a look at people’s bucket lists, you’ll find that there tends to be one common factor in the majority of them: travelling.

We are a nation struck by wanderlust. We want to escape the everyday and open our eyes to know parts of the world, different cultures and stunning landscapes.

But there tends to be one thing holding the majority of us back: fear of the unknown. We don’t know where to start! How do we save up the deposit necessary to get from A to B? Will we get lonely? Where do we actually want to go? Perhaps most importantly, do we have to give up our home? Let’s focus on the last factor in the list of worries for now. Here’s some tips on what to do with your house when you go travelling.

 

Throw Caution to the Wind

The first approach (and perhaps the most financially viable one too) is to throw caution to the wind. Sell up everything you have and start planning your around the world trip.

This is perhaps the best way to go about things if you’re planning to travel for an extended or indefinite period of time.

If you’re out gallivanting across the world, it’ll be relatively difficult to keep up mortgage or rent payments at the same time as supporting yourself on your adventures. The best way to go about things is to give the notice to leave on your rental property once your contract ends, or sell your property and keep the proceeds in a savings account to be used when you return and intend to settle back down.

You don’t necessarily have to forgo all of your belongings either. You can keep your beloved items in high quality self storage facilities, where they will be kept safe and sound until your return. Bear in mind, however, that this will only really work for those with few responsibilities back home. If you have children, pets, or others who depend on you, this is unfeasible.

This is the most risky way of going about travelling. I’d only suggest doing this if you were going for longer than three months.

 

Save Up

If you really adore the place you’re in at the moment and can’t bear to see it go, you can always save up sufficient funds to cover your agreed payments until your return. This, of course, means you won’t be able to jump on the next plane out of the country.

However, it will allow you to head out later down the line safe in the knowledge that your property is waiting for you back home whenever you decide to return. It’s also a good backup in case you don’t enjoy travelling as much as you anticipated and want to cut your journey short. You don’t have to worry about returning back to your home country and having nowhere to live!

 

Take Shorter Journeys

A third option is to take shorter journeys intermittently. This makes your travels feel more like a holiday, but you can get away and check back up on things back home regularly too. Essentially, you get the best of both worlds!

Jay has had a full-time job since the age of 17, when he started his engineering apprenticeship. This means that we were never able to go away for three weeks at a time, or go travelling together. We then bought our house, which means funds towards travelling aren’t at the top of our list. We’ve decided to see the world together, but just in little bits at a time.

We want to see all 7 continents, even if this means going away for a week at a time, every year.

 

As you can see, you have several options available to you regarding what to do with your house when you go travelling. You can do things completely as you wish according to what’s most convenient for you and your needs. So, don’t put things off any longer! The world is your oyster, and it’s time to start exploring it.

Saving (and living off) a pension

People of my age tend to forget about their pension, or they think it’s not important.

We’re young, and I’m not going to retire anytime soon. I’ve got fifty years to save money for my pension. These are just some of the things that stop youngsters from saving.

But I did some major calculations using The Money Advice Service, and my results have really made me think about the importance of saving for a comfortable future.

First, the website asks for your yearly salary before tax. You can then select the wage you’d like to live on when you’re retired. It automatically calculated that I should aim to live on £11,000 per year. Sounds doable.

My work has a pension scheme, and I don’t know many workplaces anymore that don’t offer one.

It asked me how much I currently have in my pension savings. It currently stands at about £200 – I’m only 22!

I then told the system I’d like to retire at the age of 73 – a bit specific, but then 75 sounded too old.

So based on my current salary, the amount I should be saving, and a retirement age of 73, I could be left with £274 per month. If I keep saving the amount I currently am, I would be living on less than £11,000 per year.

Using the handy slider tool, I could choose to take out less than 25% as a lump sum, therefore gaining more spends per month.

But could I really live on £234 per month?!

Let’s pretend that I’m still living with Jay, and we’re mortgage free, because we will have downsized by then. We only have bills to pay at £200, and then £100 on food. The car insurance needs to come out, as does petrol costs. This might be £100. That’s already £400 which, split between the two of us, is……..£200 each. So I have £34 left which definitely won’t cover house and building insurance, life insurance, or council tax.

The above is only the essentials. It doesn’t include meals out, new clothes, birthday presents for others. You can forget about saving for Christmas. It’ll be scratch cards for everyone.

Obviously, this is based on my work pension scheme only. I’ll be adding to it myself at some point, once we’re settled in the house and know our finance position much better.

Say I had £60,000 in my pension pot. That’s a huge amount of money that will only last me about 5.5 years.

How have you saved for your pension?

 

*This is not a sponsored postI just wanted to discuss pensions and The Money Advice Service happened to have a good calculator.